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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Flutterwave gets Switching and Processing licence from CBN

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    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

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    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

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    Sky.Garden survives Shutdown, gets New Owners

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    Lagos Startup Expo Commences Application for 2023 Annual Event

    Lagos Startup Expo Commences Application for 2023 Annual Event

    PICTDA opens Application  for Code Plateau 6.0

    PICTDA opens Application for Code Plateau 6.0

    PICTDA Holds Stakeholders’ Engagement Event on Adoption of the Nigerian Startup Act in Plateau State

    PICTDA Holds Stakeholders’ Engagement Event on Adoption of the Nigerian Startup Act in Plateau State

    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

  • FINANCE
    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Home News

CBN Orders Commercial Banks to Set up Teller Points.

by Cynthia Chukwuma
July 30, 2021
in News
Reading Time: 3 mins read
0
CBN Orders Commercial Banks to Set up Teller Points.
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Following the recent ban on forex sales to Bureau de Change operators, the CBN has directed all commercial banks to set up teller points at designated locations and an alert system that will continuously update people of their foreign exchange movement.

The circular containing the new directive was issued on Wednesday and signed by Haruna Mustafa, the Director, Banking Supervision Department with the reference number: BSD/DIR/PUB/LAB/14/082.

The CBN, through Mustafa, warned that if documentation and all other requirements are satisfied duly, banks should ensure that no customer is turned back or refused foreign exchange.

It also discouraged undue delays, rationing and diversion of foreign exchange, adding that banks must establish electronic applications and alert systems to update customers on status of their foreign exchange requests.

“Undue delays rationing and/or diversion of FX is strongly discouraged whilst DMBS are required to establish electronic applications and alert systems to update customers on status of their FX requests”

As communicated through the directive, the CBN has set up toll-free lines for customers who have unresolved complaint relating to their forex requests, reassuring that it will continue to closely monitor banks’ conduct and compliance with the directive, warning that any breach of the directive will be severely sanctioned.

The directive read, “Further to the Monetary Policy Committees (MPC) briefing of July 27, 2021, Deposit Money Banks (DMBs) are hereby reminded to set up teller points at designated branches across the country to fulfil legitimate FX requests for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), tuition fees, Medical payments, SMEs transactions, amongst others”

“In this regard, DMBs are also required to adequately publicise the locations of the designated branches and make necessary arrangements to sell FX to customers in cash and or electronically in compliance with extant regulations.”

The CBN governor, Godwin Emefiele, on Tuesday, while speaking on the decision to stop forex to the Bureau De Change Operators, said that the BDC operators have not reciprocated the gesture to help maintain price stability in the market since the CBN started selling forex to them.

According to him, “Given this rent seeking behaviour, it is not surprising that since the CBN began to sell forex to the BDCs, the number of operators has risen from mere 74 in 2005 to over 2,700 in 2016, and almost 5,500 BDCs as at today”

He went on to say that the CBN constantly receives an approximate of 5,000 new applications for BDC licences every month which triggers the question: “What is in this business that everybody must be in it?

”Due to this new policy, the naira has fallen by N20.00, exchanging for N525/$1 on Wednesday from N505/$1 on Tuesday.

Tags: bdccbnforexpolicy
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